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Overview

Services

Virtualex Holdings,Inc.

Virtualex Holdings is a pure holding company whose group operates in two core segments: IT & Consulting and Outsourcing, focused on the customer engagement domain spanning digital marketing, CRM, and customer success. The IT & Consulting segment provides CRM strategy formulation, system design and implementation, proprietary CRM package software 'inspirX' (supporting multi-channel customer interaction management), AI/DX enablement, and stock-type IT services. The Outsourcing segment manages call center and back-office operations on behalf of corporate clients, including mother-center operations for hypothesis-testing and Marketing Process Outsourcing (MPO).

Market Cap

US$18.3M

¥2.92B

US$12.8M

¥2.04B

StockUS$6.45(¥1,030)▼-1.44%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

3.3

LTM EV/EBIT

4.0

LTM PER

LTM PBR

1.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-20.7%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

1Aug 14, 26Q1 FY2027/03 earnings announced

2Oct 7, 26Full-year guidance revised

MC → EV Bridge

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

66%

34%

EquityD/E 0.51xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2026/03 · US$ (¥B)

IT and Consulting business

Revenue

US$25.2M(¥4.03B)

Segment profit

US$5.90M(¥0.94B)23.4%

Outsourcing business

Revenue

US$17.9M(¥2.85B)

Segment profit

US$3.26M(¥0.52B)18.2%

Adjustments

Revenue

US$0.00M(¥0.00B)

Segment profit

-US$6.69M(¥-1.07B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 43.8%

as of 2026-09-30 · Source: Annual Securities Report

Simplex Inc.

15.49%

Eiju MARUYAMA

11.17%

SBS Holdings,Inc.

3.81%

Virtualex Holdings,Inc. Employee Stock Ownership Association

3.66%

Masaru KURODA

2.65%

Mami OKAWA

1.94%

Bondstech Co., Ltd.

1.66%

SIMPLEX Co., Ltd.

1.27%

Yuto MARUYAMA

1.10%

Tomomi KOBAYASHI

1.06%

Management

8 officers

Eiju MARUYAMA

Representative Director, President

Apr 1987 Joined Arthur Andersen & Co. (currently Accenture K.K.) Nov 1993 Founded Maruyama Management Research Institute; Representative May 1996 Founded Zest Inc.; Representative Director, President Jun 1999 Founded Virtualex Inc. (currently the Company); Representative Director, President (current) Mar 2000 Director, Bitstage Inc. Dec 2008 Representative Director, President, Virtualex Kyushu Co., Ltd. Jan 2017 Chairman of the Board, Time Intermedia Inc. (current) Jun 2017 Chairman of the Board, Virtualex Kyushu Co., Ltd. Oct 2017 Founded Virtualex Consulting Co., Ltd.; Chairman of the Board Oct 2018 Founded VX Act Co., Ltd.; Representative Director Jun 2022 Director, VX Act Co., Ltd. (current)

1965-01-04

Yuto MARUYAMA

Director

Apr 1986 Joined Toshomatsu Toshiro Consulting Co., Ltd. (currently Abeam Consulting Ltd.) Apr 1993 Transferred to Tohmatsu Consulting Co., Ltd. (currently Deloitte Tohmatsu Consulting LLC) May 1996 Director, Zest Inc. Jun 1996 Director, Tohmatsu Consulting Co., Ltd. (currently Deloitte Tohmatsu Consulting LLC) Mar 2000 Representative Director, President, Bitstage Inc. May 2000 Director, the Company (current) Jul 2008 Representative Director, the Company Dec 2008 Director, Virtualex Kyushu Co., Ltd. Jun 2017 Representative Director, President, Virtualex Kyushu Co., Ltd. (current) Oct 2017 Founded Virtualex Consulting Co., Ltd.; Representative Director, President (current)

1962-04-05

Masaru KURODA

Director, General Manager of Management Administration Division

Apr 1988 Joined Arthur Andersen & Co. (currently Accenture K.K.) May 1996 Director, Zest Inc. Jun 1999 Director, Virtualex Inc. (currently the Company) Mar 2000 Director, Bitstage Inc. Jun 2012 Executive Officer, General Manager of Management Administration Division, the Company Jun 2016 Director, General Manager of Management Administration Division, the Company (current) Jan 2017 Audit & Supervisory Board Member, Time Intermedia Inc. (current) Oct 2017 Founded Virtualex Consulting Co., Ltd.; Director (current) Oct 2018 Founded VX Act Co., Ltd.; Audit & Supervisory Board Member (current) Jun 2021 Audit & Supervisory Board Member, Virtualex Kyushu Co., Ltd. (current)

1962-12-02

Shinichi URUSHIYAMA

Director

Apr 1989 Joined Sanwa Aoki Tohmatsu Audit Corporation (currently Deloitte Tohmatsu LLC) Mar 1996 Founded Urushiyama CPA Office (currently Urushiyama Partners Tax Accountant Corporation); Representative (current) Jan 2001 Audit & Supervisory Board Member, Time Intermedia Inc. May 2004 Audit & Supervisory Board Member, the Company Jul 2015 Outside Director, the Company (current) Jan 2017 Non-Executive Director, Time Intermedia Inc. (current)

1965-05-23

Munenatsu SAKA

Director

Apr 1987 Joined Arthur Andersen & Co. (currently Accenture K.K.) Jul 2009 Founded MB&PARTNERS Co., Ltd.; Representative Director (current) Jul 2015 Outside Director, the Company (current)

1963-12-12

Hideo FURUKAWA

Full-time Audit & Supervisory Board Member

Nov 1974 Joined Arthur Andersen & Co. (currently Accenture K.K.) Jul 1996 Joined Best Denki Co., Ltd. Apr 1999 Joined Employment Promotion Corporation (currently Japan Organization for Employment of the Elderly, Persons with Disabilities and Job Seekers) Apr 2001 Joined Virtualex Inc. (currently the Company) Jun 2017 Audit & Supervisory Board Member, Virtualex Kyushu Co., Ltd. Sep 2017 Audit & Supervisory Board Member, the Company (current) Oct 2017 Founded Virtualex Consulting Co., Ltd.; Audit & Supervisory Board Member (current)

1949-04-18

Kunio SUZUKI

Audit & Supervisory Board Member

Apr 1967 Joined International Business Machines Corporation Japan (IBM Japan, Ltd.) Jan 1995 Chief Information Officer, IBM Japan, Ltd. Apr 1997 Executive Officer, IBM Japan, Ltd. Jan 2001 Representative Director, K.S. Management Co., Ltd. (current) Sep 2001 Audit & Supervisory Board Member, Diva Inc. (currently Avant Group Corporation) Sep 2006 Audit & Supervisory Board Member, Info Creates Corp. (current) Jun 2007 Audit & Supervisory Board Member, Mamezou OS Holdings Co., Ltd. (currently Mamezou Holdings Co., Ltd.) Jun 2009 Audit & Supervisory Board Member, Fasotec Co., Ltd. (currently Fasotec Holdings Co., Ltd.) Jun 2012 Audit & Supervisory Board Member, the Company (current) Jun 2013 Director, Mamezou Holdings Co., Ltd.

1944-01-06

Tomomi KOBAYASHI

Audit & Supervisory Board Member

Mar 1988 Joined Arthur Andersen & Co. (currently Accenture K.K.) Jun 2000 Director, Virtualex Inc. (currently the Company) Mar 2005 Joined M.I. Associates Co., Ltd. Aug 2007 Executive Vice President, Representative Director, M.I. Associates Co., Ltd. Jan 2009 Founded Kobayashi Management Research Institute Co., Ltd.; Representative Director (current) Jul 2015 Audit & Supervisory Board Member, the Company (current)

1965-04-17

Large Shareholding Reports

Koutsushin Co., Ltd.

2026-01-09

5.41%→4.38%

Koutsushin Co., Ltd.

2025-12-09

6.50%→5.41%

Koutsushin Co., Ltd.

2025-11-26

7.00%→6.50%

Koutsushin Co., Ltd.

2025-09-29

7.18%→7.00%

Bell Investments Co., Ltd.

2025-08-22

5.19%→3.22%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-12

Semi-Annual Securities Report

Period: Apr 2026 – Mar 2027

Virtualex Holdings,Inc.

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Virtualex Holdings,Inc.

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